WellPoint Inc., along with two non-profit insurance companies, has obtained the majority stake in a private health insurance exchange based in Minneapolis, Minnesota. The exchange, called Bloom Health Corp., was founded in 2009 and has helped employers in the state find insurance plans that are right for their business and employees. The exchange is one of the first in the country to see any degree of success and has become something of a standard by which other insurance exchanges can be modeled after. WellPoint, Health Care Service Corp. and Blue…
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WellPoint shares drop following second quarter Medicare spending analysis
Shares of the health insurance company with the highest enrollment, WellPoint Inc., fell dramatically after the insurer announced that its second quarter medical care costs spiked following an increase in its Medicare patients. For the second time this year, the Indianapolis-based insurer has increased its annual forecast following the increase in sales. The enrollment with WellPoint increased by 2.1 percent, reaching 34.2 million, primarily from a rise in elderly and disabled Medicare members. Approximately 75 percent of the new enrollees with Medicare had come from competitors that had withdrawn from…
Read MoreCalifornia health insurer holds off on rate increase
WellPoint Inc., one of the nation’s top health insurers based in California, announced earlier this year that it would be raising premiums on individual policies by 16.4%. After increased pressure from state legislators and insurance commissioner Dave Jones, however, the insurer has proposed a new increase of no more than 9.8%. Furthermore, the company has heeded Jones’ call for delays on rate hikes and has announced that the increases will not take effect until July. According to Jones, the rate increases will affect more than 600,000 policyholders in the state.…
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